Marketing research is a critical tool that businesses and organisations use to gather valuable information about their target market and industry.
By conducting research, companies can gain insights into customer needs, preferences, and behaviour,
as well as market trends and the competitive landscape. In this article, we'll explore five reasons why marketing research is important for businesses and organisations.
MARKETING RESEARCH SERVICES
MARKETING RESEARCH SERVICES FOR BUSINESS
Market research is a technique that is used to collect data on any aspect that you want to
know to be later able to interpret it and, in the end, make use of it for correct decision-making.
Market research is the process by which companies seek to collect data systematically to make better decisions.
Still, its true value lies in the way in which all the data obtained is used to achieve a better knowledge of the market consumer.
The process of market research can be done through deploying surveys, interacting with a group of people, also known as a
sample, conducting interviews, and other similar processes.
The primary purpose of conducting market research is to understand or examine the market associated with a particular
product or service to decide how the audience will react to a product or service. The information obtained from conducting
market research can be used to tailor marketing/ advertising activities or determine consumers’ feature priorities/service requirement (if any).
When starting a business, Marketing Research is the first important thing that one should do.
If you want to reach out to the target audience, create a strong image of your brand and influence their purchase decision, then market research becomes essential.
When starting a business, Marketing Research is the first important thing that one should do. If you want to reach out to the target audience,
create a strong image of your brand and influence their purchase decision, then market research becomes essential.
Because market research is often a significant investment, it’s important to understand why it’s so valuable and the reasons it deserve ongoing attention.
Market research involves gathering data to learn more about target demographics and consumers so a business can market itself more effectively and,
ultimately, succeed in the market. Market research is a vital part of any business strategy, whether that business is B2B or B2C, big or small, new or old.
It provides the answers companies need to make decisions that will move them forward instead of back by empowering them to base decisions on data.
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Market research important for understanding the customers
There is a shift from product-based to customer-based campaigns. Customer experience is the new brand.
Hence understanding customers has become an essential component of marketing research.
Some of the questions answered by market research about your customers include:
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Who will buy your products?
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What do they expect from your business?
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How often will they buy your products?
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What do they need?
Answers to these questions will give you a better understanding of your audience. You can use this opportunity to win over new customers.
Map out the full profile of your ideal customers. Use this information to figure out what triggers each customer to buy.
Get valuable information about customers like their income, age and gender.
Then position your business as an authority in the industry. Do this through tailored marketing and pricing campaigns.
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Understand the competitor
Aside from understanding the customers, you also need to understand your competitors. In today’s current competitive scenario, knowing
your rival’s weaknesses can help you win over more customer.
Identify strategies that worked for your competitor. Then, incorporate them into your marketing strategy.
Knowing the key players in the market gives you an idea of how best you should approach the market.
Ensure you do research ahead of your competitors to stay relevant to customers.
Marketing research allows you to think creatively. It also helps model your new strategies and create a path to success. Hence,
knowing as much as you can about competitors is a vital strategy.
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Launch tested products
Whether you are launching a new product or service, you need to ensure you are certain of its success rate. Marketing research
helps businesses know which launching strategy will work best.
Besides, every decision about your business should be tested before its implemented. This saves you the expenses
of rectifying decisions made without keen interrogation.
Ideally, marketing research sheds light on the best approach to use when marketing a new product or service.
You can never be 100% sure customers will instantly connect with the product or service.
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Stay relevant
Aside from increasing revenue streams and gaining new customers, you also need to build a future proof business.
The only way of surviving in a competitive marketplace is being flexible.
Getting your market predictions wrong can easily render your business irrelevant. So, getting back in the game once customers forget about your brand can be quite a struggle.
Why is market research important in this regard? You may ask. Well, anticipating change based on accurate research data ensures that you don’t wait till it’s too late.
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Grow your Business
Every business person regardless of their industry wants to grow their business. This can be achieved when you comprehend the demands of your customers.
Once you know what customers need, you can then leverage this opportunity to plan a perfect marketing campaign.
Market research helps you identify problems before it too late, thus this boosts the growth of the business. Furthermore,
when you avoid pitfalls, you get to save money, and the time you’d need to recover from the same.
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Significantly reduce risk and loss
Every business person needs to embrace the contingency approach because embracing risk helps your business grow.
Marketing research offers you momentous back up to ensure you not only reduce risk but revenue loss as well.
Ensure your market research is done using multiple sources, so you get a full point of view.
Looking at questions from many different angles ensures you don’t settle for the wrong interpretation.
Relying on the wrong information increases risk rather than reducing it and with risk comes loss.
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Detailed segmentation-targeting-positioning
This is a common strategic approach that allows you to develop marketing strategies. This model helps you
prioritize propositions, and this can only be possible with in-depth market research.
You get to engage different audiences through customized marketing. The optimal marketing mix ensures you select the most valuable segments for your business.
Remember customer experience is king. Hence, this should be a customer-focused process rather than a product-focused one.
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Foster better decision making
Market research arms you with accurate data so that you make informed decisions.
It helps in propelling fast conclusions with the generated results. It allows you to identify gaping holes in customer
satisfaction in good time and leverage this for the benefit of your business.
Rigorous market research drives better decision making. It also opens your eyes to trends beyond your company.
You’ll become familiar with terms like new technology, new regulations, rising competitors and so on.
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Know better what you are going to do
Even though you might get lucky and hit the bull’s eye when you shoot in the dark, you’re unlikely to get lucky every time.
Conducting market research is essential as it allows you to see into the future.
Market research is an integral part of all business decisions as it helps you know better what you are going to do.
You can easily analyze business threats, weakness, opportunities, and strengths. You can then move forward with your business without worrying about risks.
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Understanding customer behavior patterns
You need advanced research to understand customer behavior patterns. This is usually achieved by reviewing customers’
buying history. Hence you use advanced software tools like Google Analytics.
The data is then used to offer each customer refined and customized product.
Market research allows you to identify and analyze customers’ needs. Hence, once you identify them, refine your offering to fulfill
consumer needs. Hence, it helps you get a better understanding of your business. Therefore, contact us today and take up our B2B market intelligence solutions.
MARKETING RESEARCH
MARKETING RESEARCH
Market research (also called marketing research) is the action or activity of gathering information about market needs and preferences.
This helps companies understand their target market — how the audience feels and behaves.
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Primary
Primary market research is original research conducted by you or an entity that you hire. It involves collecting information
directly from consumers to serve a present need. Primary market research has the advantage of being more specific and more recent,
as companies conduct primary research to meet needs as they arise. It usually entails asking people a
variety of questions and recording their responses. It involves extensive planning, resources and analysis to arrange,
execute and use primary market research.
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Secondary
Secondary market research is research already completed by another company or entity and that is available to you.
Secondary research often appears in journals or publicly accessible online sources. It relies on questions that others have devised,
which you would apply to your own research parameters,
so it may not perfectly serve your research needs. It's useful, however, if you have limited resources to carry out your own market research.
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Qualitative research
Qualitative market research is the collection of primary or secondary data that is non-numerical in nature, and therefore hard to measure.
Researchers collect this market research type because it can add more depth to the data.
This kind of market research is used to summarise and infer, rather than pin-points an exact truth held by a target market. For example,
qualitative market research can be done to find out a new target market’s reaction to a new product to translate the reaction into a clear explanation for the company.
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Quantitative research
Quantitative research is the collection of primary or secondary data that is numerical in nature, and so can be collected more easily.
Researchers collect this market research type because it can provide historical benchmarking, based on facts and figures evidence.
There are a number of ways to collect this data — polls, surveys, desk research, web statistics, financial records —
which can be exploratory in nature without a lot of depth at this stage.
Quantitative market research can create the foundation of knowledge needed by researchers to investigate hypotheses further through qualitative market research.
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Branding research
Branding market research assists a company to create, manage and maintain the company brand. This can relate to the tone, branding, images, values or identity of the company.
Research can be carried out through interviews, focus groups or surveys. For example, brand awareness surveys will ask your participants
whether the brand is known to them and whether it is something they would be interested in buying.
Additional areas for brand research is also around brand loyalty, brand perception, brand positioning, brand value and brand identity .
The aim of research will be to understand how to know if:
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Your brand is performing in relation to other competitors
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There are areas to improve your brand activities
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There are positives to showcase to enhance your brand’s image
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Customer research
Customer market research looks at the key influences on your target customers and how your company can make changes to encourage sales.
The aim of this research is to know your customer inside out, and continuously learn about how they interact with the company. Some themes covered by this include:
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Customer satisfaction – Exploring what keeps customers happy, as higher customer satisfaction is more likely to lead to increased customer retention.
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Customer loyalty – This looks at what experiences have happened to lead to greater customer loyalty across the customer lifecycle.
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Customer segmentation research – Discovering who the customers are, what their behaviour and preferences are and their shared characteristics.
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Competitor research
Competitor market research is about knowing who your competition is and understanding their strengths and weaknesses,
in comparison to your organisation. It can also be about your competitive offering in the market, or how to approach a new market.
The aim of this research is to find ways to make your organisation stand out and future planning through horizon scanning and listening to customer preferences.
For example, for competitive analysis, researchers would create a SWOT for your business and your competitors, to see how your business compares.
Primary research could interview customers about their buying preferences, while secondary sources would look at competitor’s market dominance, sales,
structure and so on. With this thorough analysis, you can understand where you can change to be more competitive, and look for ideas that make you stand out.
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Product research
Product market research is a key way to make sure your products and services are
fit for launching in the market, and are performing as well as they can.
The aim of this research is to see how your product is perceived by customers, if they are providing value
and working correctly. Ideas can also be formed about upgrades and future product development.
Primary research methods have a clear advantage in this kind of market research: Surveys can ask for rankings on
the popularity or usefulness of features or conduct conjoint analysis, while in-person observation interviews
(where the participant can handle a product) can be particularly useful in seeing what customers do with the product in real time.
Market researchers are able to draw on a large toolbox of
market research methods.
Market research takes time, effort, and finances to complete, so it makes sense to spend these resources only if you’re
going to get a positive return. The reality is that market research remains a crucial part of running a successful business because it is indeed worth the investment.
Of course, market research alone won’t cause your business to succeed — but it will give you the information you need to
make strategic decisions that will steer your company to success.
We looked at several benefits of market research but consider the inverse reality.
Without market research, you could fail to connect with customers, miss out on growth opportunities,
be vulnerable to risks, make poor business decisions, and ultimately lose your customers to your competitors.
Some businesses get lucky without doing their research, but these instances are rare. Market research can help you avoid common pitfalls and grow your business.
Market research should be a key part of your company’s recipe for success. Surveys are one of the
most popular and effective means of reaching consumers and gaining insight into their values, preferences,
opinions, and more. At Digitalleworld.com, we help brands and agencies conduct online studies that can empower
them with the market research data they need. We can connect your company with millions of consumers, deliver fast results,
and ensure those results are accurate through robust quality checks. Digitalleworld.com can help you produce the primary data you need on a tight timetable so you
can make informed decisions to help you connect with customers and grow your business. To know more about our market research tools, contact us today.
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